Samsung Will Open a Home Appliance Factory in South Carolina

Jun 28, 2017

Samsung has agreed to open a $380 million home appliance manufacturing plant in South Carolina, the United States, it said on Wednesday.

The South Korean firm said this year it was in talks to build a home appliances plant in the United States amid worries about protectionist policies under U.S. President Donald Trump put pressure on global companies to generate jobs in the country.

Asia's biggest company by market capitalization said in a statement that the new plant in Newberry County, South Carolina is expected to generate 954 local jobs by 2020.

In February, President Trump tweeted "Thank you, @samsung! We would love to have you!" in reference to the possibility of a new Samsung plant.

"With this investment, Samsung is reaffirming its commitment to expanding its U.S. operations and deepening our connection to the American consumers, engineers and innovators," Samsung Electronics America President and CEO Tim Baxter said.

In March home appliances rival LG Electronics announced a $250 million plan to build a factory in Tennessee.

Trump is set to host South Korean President Moon Jae-in at the White House on June 29-30 to advance economic cooperation and discuss ways of strengthening the two countries' "ironclad" alliance, the White House said this month.

All products and services featured are based solely on editorial selection. FORTUNE may receive compensation for some links to products and services on this website.

Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: http://www.djindexes.com/mdsidx/html/tandc/indexestandcs.html. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions